2024-06-12 CC Packet - Laserfiche WebLink

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()- TAX INCREMENT FINANCING REDEVELOPMENT DISTRICT NO. 18 are spent to repay the bonds, and the proceeds of the bonds either are, on the date of period, or (ii) a reasonable temporary period within the meaning of the use of that term under section 148(c)(1) of the Internal Revenue Code, or are deposited in a reasonably required reserve or replacement fund; (3) binding contracts with a third party are entered into for performance of the activity under the contractual obligation; of the district and the revenues are spent to reimburse a party for payment of the costs, including interest on unreimbursed costs; or (5) revenues are spent for housing purposes as described by Section 469.1763, Subd. 2 of the TIF Act, paragraph (b). (b) For purposes of this subdivision, bonds include subsequent refunding bonds if the original refunded bonds meet the requirements of paragraph (a), clause (2). It is anticipated that all tax increments collected in the TIF District will be spent or obligated Six Year Rule Pursuant to Section 469.1763, Subd. 4 of the TIF Act, beginning with the sixth year following District is further limited. The general concept of the Six Year Rule provides that the TIF District cumulative revenues derived from tax increments paid by properties in the district that have pay in-district costs and obligations. The City will administer the TIF District in compliance with the Six Year Rule. SECTION 4.06 FINANCIAL REPORTING AND DISCLOSURE REQUIREMENTS The City will comply with the annual reporting requirements of state law pursuant to the guidelines of the OSA. Pursuant to Section 469.175, Subd. 6 of the TIF Act, the City will prepare and submit a report on the TIF district on or before August 1 of each year and will annually publish in a newspaper of general circulation in the City an annual statement for the TIF District. The reporting and disclosure requirements outlined in this section begin with the year the TIF and all tax increments have been spent or returned to the county for redistribution. Failure to meet these requirements, as determined by the OSA, may result in suspension of distribution of tax increment. SECTION 4.07 BUSINESS SUBSIDY COMPLIANCE Minnesota Statutes, Sections 116J.993 to 116J.995. DRAFT AS OF JUNE 5, 2024 12